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Nifty Technical Outlook

NIFTY (CMP : 24334)

Nifty immediate support is at 24200 then 24050 zones while resistance at 24500 then 24650 zones. Now it has to hold above 24200 zones for an up move towards 24500 then 24650 zones while supports have shifted higher towards 24200 then 24050 zones.

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55087)

Bank Nifty support is at 55000 then 54750 zones while resistance at 55250 then 55750 zones. Now it has to hold above 55000 zones for an up move towards 55250 then 55750 zones while on the downside supports are seen at 55000 then 54750 levels.

Stocks On Radar

ICICI Bank Ltd

CMP: 1427 Mcap 10,16,816 Cr.

HDFC Life Insurance Ltd 

CMP: 743  Mcap 1,60,118 Cr.

Derivative Outlook

* Nifty May future closed at 24,418.40 with a premium of 84.20 point v/s 89.35 point premium in the last session.

* Nifty Put/Call Ratio (OI) increased from 0.94 to 1.16 level.

* India VIX increased by 4.91% to 18.22 level.

FII Cash & Derivative Activity

* FIIs on Derivatives front : Long built up in index futures, position unwinding in index options

* In the cash market : FIIs were net buyers to the tune of 51 Cr and DIIs were also net buyers worth 1792 Cr.

* FIIs long short ratio : Increased to 46.88%

Nifty : Option Data

* Maximum Call OI is at 25000 then 24500 strike while Maximum Put OI is at 24000 then 23500 strike.

* Call writing is seen at 24800 then 24400 strike while Put writing is seen at 24300 then 24000 strike.

* Option data suggests a broader trading range in between 23800 to 24800 zones while an immediate range between 24100 to 24500 levels.

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